Is Owning a Business a Good Fit for You?

IS OWNING A BUSINESS A GOOD FIT FOR YOU?2

Pre-Test

• Locate the Pre- and Post-Test Form at the back of your workbook.

• Complete the BEFORE Training column to assess your knowledge on this topic before participating in this class.

In your workbook

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Agenda

• Welcome, Pre-Test, Agenda, and Learning Objectives

• Introductions: What Is YOUR Motivation?• Business Ownership Terms• Myths and Realities of Small Business

Ownership• Roots of Power• Start – Stop – Continue Action Planner• Summary, Post-Test, Evaluation

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Learning Objectives• Clarify some of the myths and realities of

small business ownership.

• Start a self-assessment to determine your readiness to become a small business owner.

• Set a plan of action to complete your self-assessments by seeking feedback from stakeholders, such as family, friends, and potential customers.

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Introducing MarlenaSee page 4 in your workbook.

• Marlena has the potential to be a successful business owner.

• She also has some concerns about business ownership.

• As we review Marlena’s decision-making process, ask: is this role a good fit for Marlena... and for me?

Is owning a business a good

fit for me?

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Introductions: What Is YOUR Motivation?Complete the worksheet on page 5 in your workbook.

• Rate the list of motivations as High, Medium or Low for yourself.

• There are no wrong answers.

• Marlena’s answers are provided as examples.

Money? Be your own boss?

Create jobs?

I’m great at ____.

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Business Ownership TermsSee page 6 in your workbook.

• Sole ownership or proprietorship• Partnership• Franchise • Home-based • Start-up or high-growth• Brick-and-mortar• Online• Existing business

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Myths and Realities of Business Ownership

Complete the worksheet on page 7 in your workbook.

• What are your assumptions?

• What do you think is true or false?

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True or False? 1. Starting a new business can be a huge personal sacrifice for

your family. 2. There are a lot of emotional ups and downs.3. You have to “get it right” every time. 4. You do not need a big cash reserve to be successful.5. After about a year, you can relax and enjoy the profits.6. It is easy to get loans for a great idea. 7. Successful entrepreneurs do it all themselves.8. You will not have a boss.9. You will have more freedom, control, and work–life balance.10. Starting a business is risky.

See page 7 in your workbook.

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True or False? Answers1. Starting a new business can be a huge personal

sacrifice for your family. True

2. There are a lot of emotional ups and downs. True3. You have to “get it right” every time. False4. You do not need a big cash reserve to be

successful. It depends5. After about a year, you can relax and enjoy the

profits. False

6. It is easy to get loans for a great idea. False7. Successful entrepreneurs do it all themselves. False8. You will not have a boss. False

9. You will have more freedom, control, and work–life balance. False

10. Starting a business is risky. It depends

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Roots of Power

People: Influence others:

staff, partners, bankers,

customers

Self-Discipline: Manage time,

habits, and energy

Financial:Secure and

manage money and credit

Sales: Set and attain

sales goals. Ready to sell all

the time

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Marlena’s Roots of People PowerHigh:

• Easy-going and likable

• Active listener

• Honest

• Respectful of others

• Strong vision and belief

Low: • Connecting and networking

• Management/supervision skills

Some people tell me I’m TOO

nice!

See page 9 in your workbook.

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What Are YOUR Roots of Power?Roots of Power Self-Assessment on pages 10–13 in your workbook.

• People Power

• Sales Power

• Financial Power

• Self-Discipline Power

Finish the self-assessment at home.

You will not have time to complete the self-

assessment in class. Make sure to complete it

on your own. Ask stakeholders for feedback!

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It Is Professional to Ask for HelpAsk for advice and feedback:

• Family and friends: How will they react if you work 60 hours per week?

• Potential customers: What do they want? What are they willing to pay?

• Other business owners: They can tell you what works (and what does not work).

• Bankers: Start a relationship with a banker before you need a loan.

• Potential partners: Look for partners who have skills and experience.

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Start–Stop–Continue Action PlannerStart the worksheet on page 14 of your workbook.

• Based on your self-assessment and our conversations, what do you need to... • Start doing?

• Stop doing?

• Continue to do?

Finish the worksheet at home.

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Industry-Specific Self-AssessmentsSee pages 15 – 17 in your workbook.

Extra self-assessments are provided for other industries and fields:

• Construction

• Retail

• Online retail

• Professional services

• Restaurants/food-based

• Personal services

DO YOUR HOMEWORK. Ask others who have

businesses in your field or industry to advise you.

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Key Points to Remember• We all have strengths and weaknesses. The

key is to recognize where you are strong, and where development is needed.

• Have a clear plan of action.

• Ask a range of knowledgeable people for advice (family, friends, accountants, other business owners).

• Include a bank loan officer and/or micro-lender on your list. Start these conversations before you ask for a loan.

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Roots of Power

People: Influence others:

staff, partners, bankers,

customers

Self-Discipline: Manage time,

habits, and energy

Financial:Secure and

manage money and credit

Sales: Set and attain

sales goals. Ready to sell all

the time

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Summary• What final questions do you have?

• What have you learned?

• How would you evaluate the training?

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ConclusionI think I’m a GOOD FIT!!

• Marlena is ready to move to the next stage of small business ownership—planning.

• She knows she cannot do it alone. She is open to a partnership with someone who has the skills she lacks.

• She needs to do more homework before she can make a well-informed decision.

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Pre-Post Test and Evaluation

• If you have not already done so, assess what your knowledge on this topic was before you participated in this class.

• Assess your knowledge on this topic after taking this class.

• Complete the Evaluation Form. Your feedback is helpful!

• Return both forms to the instructor before you leave. Thank you!

In your workbook